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China, Dubai to Join Hands in Supervising Banks - ASHARQ AL-AWSAT English Archive
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BEIJING (Reuters) – China has signed a memorandum with Dubai to strengthen cooperation in supervising banks, the China Banking Regulatory Commission said on Monday.

Beijing will cooperate with the Dubai Financial Services Authority in areas such as information sharing and on-site inspections, according to the statement.

Liu Mingkang, China’s top banking regulator, signed the agreement with David Knott, chief executive of the Dubai agency.

The agreement is the 27th that the CBRC has signed with its overseas counterparts.

Under the terms of China’s Qualified Domestic Institutional Investor programme, banks may invest client money only in countries that have signed such a memo with the CBRC.

The memorandum comes at a time of deepening trade and investment links between China and Middle East, both flush with large reserves of dollars.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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